Good morning - early Wednesday market thoughts
Good morning Steemit, good morning traders! Yesterday was quite a day news-wise, lets recap some of the events.
- UK CPI August 0.6% vs 0.5% expected sees the pound rip
- continuing from previous bullet point, pound has a wobble when rumors appear next round of Brexit talks postponed. Jusr a wobble. Denied quickly and pound continues it's advance.
- SPX all time highs again! Anyway, all indices have ripped properly
- North Korea warns U.S. of 'greatest pain', rejects sanctions :D :D :D
- Bloomberg reports of North-Korea hoarding cryptos, now there is incentive for governemts to crack down and start regulating. Link here: https://www.bloomberg.com/news/articles/2017-09-11/north-korea-hackers-step-up-bitcoin-attacks-amid-rising-tensions
- JPMorgan CEO Jamie Dimon says bitcoin "is a fraud" that will eventually blow up. Link here https://www.cnbc.com/2017/09/12/jpmorgan-ceo-jamie-dimon-raises-flag-on-trading-revenue-sees-20-percent-fall-for-the-third-quarter.html
Looking at the charts:
BTCUSD daily. I've been wary of chasing Bitcoin higher for a while because of that clear-top divergence on the RSI. Nevertheless, weak supports are a dime-a-dozen down here, so if the sellers are weak, the bulls have an easy job working on those supports. Monthly chart needs some red for Bitcoin advances to continue and this is very healthy. My bias is still lateral for a while, with spikes here & there.
STEEMBTC daily. This is just a hypo, not a trade idea. But maybe we can get a Wyckoff-style spring and rip? Example of the Wyckoff schematic below.
SPX new all time highs again! Maybe we can grind to 2517/20 or so?
GBPUSD on it's way to the daily TL
DAX is a little weaker than SPX but after breaking out of that flag it's clearly bullish. The rip has been extraordinary, don't chase, better enter on pullbacks. Doesn't matter if you miss a trade, theres always a trade somewhere.
This is it with charts today. Some day the charts are clearer than the other days. Today is the day i will be mostly watching unless intraday setups present. The market will be here tomorrow.
Thank you for reading, trade safe everyone!
Title image from pixabay
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i can see that for such a small post, how much time you spent and how much hardwork hidden in back... a big thumbsup for your hardwork...
Upvoted!
I can say "I told you so!". Bear market is going to last at least a few more days. We need this "purge" to be healthier.
You can find my latests pots on the reasons why I am shorting the market here:
That DAX setup was unreal. Been following it since you posted that larger bullish channel. This was just a bull flag within that and RIPP!
Nice! If you trade WTI, it has similar kind of pressure building, chart n my post.
Hi, @furious-one!
As always a very good article!
I support you with the idea of Steem. A very good idea!
As for Bitcoin, I believe that it will go down to around the level of 3000. In any case - it would be very good! You can buy at a more favorable price.
Thank you for the article!
thanks for the steem chart, @maksym7. cheers!
Nice post
Dropped an up vote
followed at @furious-one
Appreciation, such a good presentation.
Thanks for updates. Resteemed,
Upvote & Following @furious-one
cooool man
keep posting
good job
@furious-one Thanks for your work sir.... Love it. Followed
This is a great work, I love cryptocurrency and i hate these big firms who are against decentralization
@furious-one Thank you for obtaining this out. Followed.
@furious-one Thank you for obtaining this out..